Month: October 2017

Attorney General Becerra Announces $220 Million Multistate Settlement with Deutsche Bank for Manipulating Key Interest Rate

SACRAMENTO – California Attorney General Xavier Becerra today announced a $220 million multistate settlement with Deutsche Bank for fraudulent conduct involving the manipulation of the London Interbank Offered Rate (LIBOR). LIBOR is the rate at which banks lend money to one another. It is a key financial tool that determines interest rates for many financing mechanisms, including government and corporate bonds. Deutsche Bank colluded with other banks to skew borrowing rates in its favor, illegally profiting on contracts with municipalities linked to LIBOR. This unlawful strategy resulted in a sharp increase in profits for Deutsche Bank at the expense of government entities and non-profit organizations in California and throughout the country. Through the settlement announced today, California governmental and non-profit entities that invested with Deutsche Bank will receive approximately $29 million.

Two California Men Sentenced to Years in Federal Prison for Roles in Multi-Million Dollar ‘High-Yield Prime Bank’ Scheme

SANTA ANA, California – Two California men have been sentenced to multi-year federal prison terms after being convicted of federal wire fraud charges for participating in a “high-yield prime bank” scam that stole more than $5 million from victims across the nation who were promised huge returns on investments, purportedly with little or no risk.

Justice Department Files Statement of Interest in California Campus Speech Case

The Department of Justice today filed a Statement of Interest in Shaw v. Burke at the request of the Department of Education. The plaintiff, Kevin Shaw, is a student at Los Angeles Pierce College, a public college within the Los Angeles Community College District. He is challenging the constitutionality of a Pierce College policy that effectively bans all free expression on campus outside a 616 square-foot “Free Speech Area.”

Operation Jungle Book Targets Wildlife Trafficking, Leading to Federal Criminal Cases and Recovery of Numerous Animal Species

LOS ANGELES – Operation Jungle Book, a law enforcement initiative led by the United States Fish and Wildlife Service that targeted wildlife smuggling, has resulted in federal criminal charges against 16 defendants who allegedly participated in the illegal importation and/or transportation of numerous animal species – including a tiger, monitor lizards, cobras, Asian “lucky” fish, turtles, exotic songbirds and several coral species.

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